Rite Aid Approved to Sell Elixir Business for $575M

Rite Aid on Tuesday received a bankruptcy judge’s approval to sell its Elixir Solutions pharmacy-benefit manager business for $575 million to MedImpact Healthcare Systems. MedImpact, also a pharmacy-benefit management company, had been the stalking horse bidder for Elixir when Rite Aid filed for bankruptcy in October. Rite Aid conducted an auction process in bankruptcy, but it didn’t yield higher or better bids. The deal is expected to close during the first quarter. Until then, Elixir remains part of Rite Aid and will operate as normal, according to a statement by Rite Aid on Tuesday.

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Source: https://www.wsj.com/articles/rite-aid-approved-to-sell-elixir-business-for-575-million-0a45aa9c

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